JPM - First Republic gets liquidity support from Federal Reserve JPMorgan Chase

2023-03-12 20:13:30 ET

• First Republic Bank ( NYSE: FRC ) said Sunday it has enhanced and diversified its financial position through access to additional liquidity from the Federal Reserve Bank and JPMorgan Chase ( NYSE: JPM ), bringing the San Francisco-based bank's total available, unused liquidity to fund operation to more than $70B.
• The bank said it received additional borrowing capacity from the Fed, continued access to funding through the Federal Home Loan Bank, and the ability to access through JPMorgan ( JPM ).
• The $70B figure excludes the additional liquidity First Republic ( FRC ) is eligible to receive under the new Bank Term Funding Program announced by the Federal Reserve on Sunday.
• "First Republic’s capital and liquidity positions are very strong, and its capital remains well above the regulatory threshold for well-capitalized banks," said Founder and Executive Chairman Jim Herbert and CEO and President Mike Roffler. "As we have done since 1985, we operate with an emphasis on safety and stability at all times, while maintaining a well-diversified deposit base."
• The company is continuing to fund loans, process transactions, and serve its clients, they said.
• On Friday, First Republic ( FRC ) shared sank as much as 52% after SVB Financial's ( SIVB ) Silicon Valley Bank failed.

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